Dow Jones, S&P 500: Modest gains on opening
The US stock markets opened positive on Monday as optimism regarding the COVID-19 pandemic crisis handling has infused into the US Financial system.
How the major stock Indices performed:
- The Dow (DJI) was up by 1.02% or 221.05 points and stands at 21,857.83, at the time of publication of this article.
- S&P 500 was up by 1.45% and stands at 2,578.32.
This optimism most likely banks upon:
- A rise in Pharma-stocks: Abbott Laboratories secured permission to conduct tests that can identify positive Coronavirus cases in five minutes. Abbott’s shares are up by 8.48%. Johnson & Johnson has announced a potential vaccine candidate for the virus, and its shares are up by 7.10%.
- Direct bank transfer of $1,200 to every resident American and another $500 for each child of that household. Direct transfer ensures a faster execution and also cuts out the middleman.
Stocks in focus:
- Johnson & Johnson up by 6.13%
- Intel Corp up by 5.62%
- Microsoft Corp. up by 4.95%
- McKesson Corp. up by 7.80%
Bitcoin fails to hold the momentum: Holds Bearish consolidation
BTC/USD started the week with a surge in volumes of traded quantity. The price surged from its previous close of $5,900 to $6,505. However, the technical charts clearly show that the Bears are still in control, because of declining volume. Even though Bitcoin showed a glimpse of hope upon opening, it failed to hold the momentum. As of writing this article, the BTCUSD stands at $6,400.55 and is down by 0.72%.
- The RSI doesn’t show any signal of overbuying.
- Fibonacci retracement indicates a further downward movement.
- The 4-hour MACD Divergence is in green; however, it shows very little volume.